Mary Dupont, Director of Financial Empowerment State of Delaware, DE Dept. of Health and Social Services

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1 Mary Dupont, Director of Financial Empowerment State of Delaware, DE Dept. of Health and Social Services

2 Asset Development: Home ownership, Education, Retirement, Business Development Stock Market MONEY, LIFE, AND WELL-BEING Emergency Savings and Access to Credit Financial Position: Pay down debt, Increase credit score, access to mainstream financial services. Physical Mobility: vehicle ownership, insurance, and maintenance. Living expenses: Housing, Food, Utilities, Healthcare $tand By Me s Hierarchy of Economic Security Maslow s Hierarchy of Needs

3 FINANCIAL EMPOWERMENT SERVICE PACKAGE: An Employee Benefit Program Goal: Increase personal economic security. Personal Financial Coaching: Budgeting, debt, financial goal setting, savings, and personal money management. Work one-on-one with a personal financial coach. Mind Over Money Workshops: Four 1-hour interactive workshops where participants have fun while they learn about money. Even the most financially savvy money manager will be surprised about the insights and ideas they come up with during these sessions. Financial Services: Work with credit unions and non-profits to develop and increase access to consumer-friendly savings, loan, and transaction products. Post Secondary Education Services: Financial planning for post-secondary, FAFSA applications, managing student loan debt. Community Referrals: Debt consolidation, foreclosure assistance, free tax preparation, matched savings programs, home ownership counseling. Copyright Delaware Financial Empowerment Partnership. All Rights Reserved.

4 FINANCIAL WELLNESS IN THE WORKPLACE: The FinFit Challenge You and your employees can win Points and Prizes for participating in $tand By Me and working on your financial well-being. When everyone reaches 300, the entire team will be provided with a lunch event. Points will be earned according to the following: ACTION POINTS Program Orientation (1x) 25 Workshop Attendance (1x) 25 Personal Financial Coaching Session 50 Review Credit Report (1x) 25 Open NEW savings account 50 Set-up Auto Savings Deposit 25 Increased Credit Score 25 Incentive levels are as follows: Utilized Credit Builder product POINTS = $10 Cash EITC / Tax Prep Services POINTS = $25 Gift Card Complete FAFSA Aid Application POINTS = $50 Certificate of Deposit (CD) Establish a budget 25 Establish a long term financial goal 25 Meet with the coach 3 times 50 Refer a friend or family member 25 Copyright Delaware Finan cial Empowerment Partnership. All Rights Reserved. Slide 4.

5 NEW CASTLE COUNTY KENT COUNTY SUSSEX COUNTY Lead Partner: West End Neighborhood House Lead Partner: NCALL Research, Inc. Lead Partner: Goodwill of Delaware and Delaware Co. ShopRite Supermarkets Dover Downs Nanticoke Hospital Christiana Hilton Delaware State Housing Authority Beebe Hospital DE Dept. of Health and Social Services DE Dept. of Health and Social Services DE Dept. of Health and Social Services Westside Health Center (community health services) (18) Dover Air Force Base Allen Farms (new) Wilmington University Wilmington University M&T Bank (7) Child Care Centers and Head Start Child Care Centers and Head Start Partner: Telamon Head Start programs Christiana Care Health Systems Child Care Centers DE Office of Higher Ed/ High Schools/School Districts DE Office of Higher Ed/ High Schools/School Districts Copyright Delaware Financial Empowerment Partnership. All Rights Reserved. DE Office of Higher Ed/ High Schools/School Districts Del Tech, Wilmington & Stanton Del Tech, Terry Del Tech Owens Partner: Latin American Community Center Hispanic immigrants and residents Partner: Wilmington Senior Center population DE Dept of Agriculture

7 $tand By Me Services Provided to the people of Delaware Service Provided Total in 38 months Personal Financial Coaching Mind Over Money Interactive workshops (first 12 months) (second 12 months) FAFSA Applications Free Self-Help Tax Preparation Total ,628 Copyright Delaware Financial Empowerment Partnership. All Rights Reserved. Slide 7.

97 85 points Affordable banking 174 accessed consumer friendly pay day loan alternatives Number of customers who

8 CUSTOMER OUTCOMES Number of Coaching customers Number of coaching sessions Total debt reduction Total increased Savings Avera ge Credit score increa se $1,193, $472, points Affordable banking 174 accessed consumer friendly pay day loan alternatives Number of customers who Created Spending Plan for monthly on time payments and other goals Copyright Delaware Financial Empowerment Partnership. All Rights Reserved. Slide 8.

9 Financial Coaching Process 1. Establish Financial Goal and 2. Develop an Action Plan to Achieve Goals 4203 clients set 6316 financial goals working with their coach (reflects multiple goals by some clients) Customer sense of financial stress and control: 5,774 specific goals were achieved 83% report being constantly to somewhat worried about their finances. 76% report having little to no control over their finances. Coaching Outcomes: TARGET: Credit and debt position improved o RESULT: 79% of coaching customers are working on their credit and debt through debt repayment plans, correcting credit reports, and increased credit scores TARGET: Financial skills and personal money management improved o RESULT: 64% of coaching customers have improved personal money management by creating a household budget (spending plan), adding savings to their budget plan, establishing emergency savings, and opening credit building accounts. Copyright Delaware Financial Empowerment Partnership. All Rights Reserved. Slide 9.

Mary Dupont, Director of Financial Empowerment State of Delaware, DE Dept. of Health and Social Services mary.dupont@state.de.

Mary Dupont, Director of Financial Empowerment State of Delaware, DE Dept. of Health and Social Services mary.dupont@state.de.us 302-255-9245 http://www.youtube.com/watch?v=jrktcvurow8 www.standbymede.org